- Key details
The Macquarie Cash Management Account is especially designed for the investor in mind. By providing you with fast access to your capital, you can make investment decisions in an instant. This account works for SMSF trustees, online traders and professional investors as a savings hub in between opportunities.
Details
Key details
| Product Name | Macquarie Cash Management Account |
| Maximum Variable Rate | 2.75% p.a. |
| Standard Variable Rate | 2.75% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
Key features
No ongoing fees
There are no monthly account keeping fees or management fees when you keep your cash in this account.
Interest paid monthly
The interest is calculated on your daily balance and paid into the account monthly, giving you the opportunity to earn even more with compound interest.
Online trading available
This account is able to be linked to Macquarie online trading so that your money can be invested without hesitation.
Self Managed Super Fund eligible
The Macquarie Cash Management Account is SMSF ready and able to help you with your accounting and tax needs.
Investment management
You have the option of adding detailed reports to your statements that show you your income, profits and losses.
Accessibility
Funds are moved into and out of this account instantly through online banking. You can set up direct debit for periodic payments into the account and make transfers from your current bank account. You will have to initiate these transfers with that financial institution first.
"I applied for the Macquarie Cash Management Account for my SMSF. The process was all online and so easy. I applied on the weekend and my new account was open within 2 business days after submitting the certified paperwork. Simpler than going into a bank and having to do it in person, which some require, and as a bonus, they offer a savings account with the Macquarie Cash Management Accelerator."
Finder crew memberHow to apply
If you find that the features of the Macquarie Cash Management Account fit in with your investing style, you can complete an application online in just a few minutes by visiting Macquarie website, or download and print an application form.
Eligibility
In either case you are going to first want to ensure that you are eligible for this type of cash management account:
- Minimum age. You must be at least 18 years of age in order to qualify for this account.
- Residency requirements. All eligible applicants must be an Australian resident with a verifiable residential address.
- Depository requirements. You do not need to make any initial deposit in order to open the account. Electronic signatures are used, so once the account has been opened you will be able to make deposits immediately.
Documentation needed
In addition to meeting the eligibility requirements, you will also need to provide Macquarie Bank with certain documentation in order to ensure that your details are processed quickly:
- Tax file number. Your tax file number (TFN) or TFN exemption is needed by Macquarie Bank in order for them to withhold the correct tax amount from any interest earnings.
- Identification. Macquarie Bank employs electronic verification of your identity, so providing them with your passport or driver's licence number should be sufficient to open the account.
Applicants who do not pass the electronic verification will need to provide physical identification documentation. If not, you will be notified of the account details within a few business days of submitting your application. Providing your electronic signature allows for you to begin making deposits into the account immediately.
FAQ
I want to open a cash management account for SMSF. The trustee is corporate trustee. What document do I need to supply? I know Macquarie bank will supply me an Electronic Service Address for free. How long does it take to issue me such ESA? Could you please email me application form? I also want to link this account to trading account/platform, is any form I need to fill?
- Macquarie trust identification form and
- Macquarie company identification form and
- Certified copy of a up to date extract of the trust deed. The extract should include the page which shows the trust name, names of trustees, signatures o trustees with witnesses signatures, date of execution, names of beneficiary, names of settlor and each signatory must provide the general identification requirements, such as an passport of driver's licence.
Macquarie's ESA is provided on this page I've emailed you the link to the online application form. To link your share trading account, please get in touch with the customer service team at Macquarie to organise this as the form is not readily available online.
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To ask a question simply log in via your email or create an account. Ask a question Alison Finder Editor Hi there, looking for more information? Ask us a question.- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
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February 12, 2020
Does interest get paid on the first $5,000 or only on the balance above $5,000?
February 12, 2020
Thank you for your comment.
The interest on the Cash Management account is calculated using stepped interest rates, which means that you’ll be paid a different interest rate for different portions of your balance. Balances between $0 and $4,999.99 will not earn interest and any balance above $5,000 will earn the interest rate, hence, you’ll earn interest for the first balances of $5,000 +.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Hope this helps.
December 03, 2017
I have a cash management account. Can I get a debit card to go with it??
Anndy Lou Finder
December 03, 2017
Thanks for your question.
The Macquarie Cash Management account does not come with a debit card. However, if you want to withdraw or get money from this account, you have several options available:
1. Transfer money to any Australian bank account
2. Use BPAY to make payments
3. Set-up a one-off or recurring payments.
I hope this helps.
September 08, 2016
With a Cash Management Account, are you required to regularly deposit funds? I am considering the Macquarie Bank Cash Management Account.
Clarizza Fernandez Finder
September 09, 2016
Thanks for your question.
There’s no minimum deposit required per month on this account, although it should be noted lack of any transactions for up to 3 years may qualify it as unclaimed money. However your bank should notify you before unclaimed money is handed over to ASIC.
Hope this helps.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile
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